Saudi budget: Tax revenues up to SR172.5 bln in 6 months

The quarterly report on the performance of the Saudi budget during the second quarter of this year revealed that the Kingdom’s revenues from taxes of all kinds increased during the first half of 2022 to about SR 172.5 billion, compared to SR 163 billion during the same period last year, an increase of SR 9.5 billion, an increase of 5.8%.

According to the data, tax revenues account for about 26.6% of Saudi budget revenues during the first half of this year, and thus became an important resource for the Saudi budget in light of the restructuring of the Saudi economy and the reduction in dependence on oil revenues in addition to the shift towards non-oil revenues, which was praised by the International Monetary Fund (IMF) and other international institutions.

The report’s data show an increase in tax revenues during the second quarter to about SR 99.7 billion, constituting about 27% of the budget revenues in the second quarter of this year, an increase of 0.6% over the same period last year.

According to the data, taxes on goods and services account for the largest share of tax revenues during the first half of this year, recording 124.6 billion riyals, or 72.2% of tax revenues, an increase of 2% over the same period in 2021.